Correction: '-H+H expects 2009 full-year profit before tax in the region of DKK
0-30 million.'
--------------------
Company Announcement No. 181, 2008
H+H International A/S
Dampfærgevej 27-29, 4th Floor
2100 Copenhagen Ø
Denmark
Telephone: +45 35 27 02 00
www.HplusH.com
11 March 2009
Annual Report 2009
Profit before tax was DKK 1.4 million (2007: DKK 205 million), in line with the
most recently announced outlook in the region of DKK 0 million. The original
full-year outlook was profit of DKK 180 - 200 million.
- Revenue was DKK 1,439 million (2007: DKK 1,850 million), down 22%.
- In the UK, the global financial crisis had a profound impact on residential
construction, which saw a drastic fall during the year. The company's other
markets were also affected by the crisis during the year, although to a much
more limited extent.
- The deterioration in market conditions led to the implementation of
considerable realignments of the Group's organisation and a general reduction
in fixed costs.
- One factory in Poland and one factory in the Czech Republic underwent
extensive upgrading during the year, and the Group invested in the construction
of a new aircrete factory near St Petersburg. Overall, these measures will
provide considerable additional production capacity in a number of new markets.
- Equity fell by DKK 247 million, standing at DKK 743 million at the end of
2008. With a balance sheet total of DKK 1,923 million, the solvency ratio was
38.6%.
- The Supervisory Board will recommend at the annual general meeting that no
dividend be paid for 2008.
- H+H expects 2009 full-year profit before tax in the region of DKK 0-30
million.
Please see attached pdf file for full version of the annual report.
Anders C. Karlsson
Chairman of the Supervisory Board
Hans Gormsen
CEO
For additional information please contact:
Hans Gormsen, CEO, or Martin Busk Andersen, CFO, on telephone +45 35 27 02 00
This is a translation of the company's announcement in Danish. In case of
inconsistency between the Danish text and this English translation, the Danish
text shall prevail.
